The Group of Seven (G7) countries have expressed their readiness to consider confiscating all frozen Russian assets to help achieve a just and lasting peace in Ukraine, the G7 said in a joint statement.

The document notes that the G7 member states will continue to cooperate on developing a wide range of financial instruments to support Ukraine. Possible measures include using all Russian sovereign funds currently frozen in G7 jurisdictions until Russia fulfills its reparations obligations and ceases aggression.

The statement also emphasizes that the G7 countries will continue to support Ukraine in implementing key reforms. These include addressing the problems of the informal economy, strengthening the fight against corruption, and improving governance, including in the state-owned enterprise sector.

The G7 countries also expressed their readiness to support the new International Monetary Fund program for Ukraine. “We agreed on the importance of keeping Ukraine high on the G7 agenda during the upcoming French presidency,” the statement said.

If peace talks on Ukraine fail, the G7 stands ready to increase economic and political pressure on Russia. This will include coordinating sanctions and other measures to limit Moscow’s ability to continue the war.

The G7 countries are thus demonstrating unity in support of Ukraine and emphasizing that the use of frozen Russian assets can be an important tool for financing reconstruction and ensuring security in the country.